REVIEW OF THE CHEESE AND BUTTER TRADES OF NEW-YORK,

FOR THE YEAR 1893.

THE CHEESE TRADE.

RECEIPTS AND EXPORTS OF CHEESE, WITH RANGE OF PRICES AT NEW-YORK, DURING THE YEAR 1893.

A general view of the cheese trade of New-York for the year 1893 discloses a remarkable decrease in the volume of business accomplished. The receipts at this point were 21.59 per cent. less than for the previous year, while the exports fell off 27.68 per cent. The average price of full cream cheese was not materially different from that of 1892. The decrease in receipts may be accounted for in part by a lighter make in this State, and in part by the unusual demand for western milk and dairy products at Chicago during the World's Columbian Exposition, which not only prevented all movement of Western cheese to Eastern markets, but drew some stock westward from the interior of New-York State. The decrease of exports is explained by the large and increasing competition of Canadian cheese in English markets. The make in Canada was unusually large, and English operators were often able to fill their requirements in Montreal at relatively lower prices than in NewYork, where the moderate arrivals enabled receivers to maintain values on home trade demands, especially during the late summer and fall months.

Although the estimates of stock of cheese in this country and abroad at the opening of the year 1893 were considerably larger than at same time in 1892, the quantity held in New-York showed but little increase, and holders generally felt confidence in the situation. There was a fair distributing trade in the best qualities with home jobbers, and exporters were operating to a considerable extent in under-priced stock. The opening price for fancy State full cream was 114c., but offerings were not free, and the market advanced to 12c. before the close of January. During the rest of the season, up to the advent of new cheese in quantity, the market was characterized by a remarkable uniformity of values on top quality, the price holding steadily at 12c. for large sizes, without fluctuation and with only occasional and slight changes in tone. During this period exporters were the principal customers for grades under fancy, taking out a liberal quantity of part skims in range of 5 @ 10c., summer made full cream at 9 @ 11c. and, occasionally, some of the later made full creams, when such could be obtained a fraction below the price ruling on home trade business. The stock of fancy old cheese was pretty well exhausted by May 1st, but there remained unsold at that time a considerable quantity of lower qualities, which, meeting the competition of increasing supplies of new, were closed out with difficulty at weak and irregular prices, quite a quantity being sent abroad on consignment for lack of any other outlet.

New cheese first began to arrive in small quantity about April 20, but receipts were not considerable until about May 1, when prices had settled to 10 c. for the best lots, many of ordinary to good quality selling at 9 @ 10gc., and light skims at 7 @ 84c. White cheese was in relatively light supply at the opening of the season and commanded a premium of 4c. over the price of colored, but the difference in supply was soon equalized, and before the 1st of June white and colored sold at same price. Afterward the supply of white was increased too much, and colored received preference at a slight premium. The receipts of new cheese after May 1 increased rather more gradually than usual, and the spring decline was not as rapid as is often experienced, prices settling by small. fractions, but quite steadily until early in July, when 83c, was momentarily touched.

The early summer trade in partly skimmed cheese from the creamery districts of Central New-York was remarkably unsatisfactory. Foreign markets did not afford as good an outlet for them as usual. The quality was generally inferior and prices ruled extremely low, the better grades selling in range of 4 @ 6c., generally 4 @ 5c., with many poor, closely skimmed, ranging down to 1 @ 3 c.

Late in June and during July English markets were supplied in part by free shipments of Canadian cheese, and the demand here was not sufficient to give much strength. Full cream fluctuated between 83 @ 9c. until late in July, when higher Canadian markets turned rather more of the trade this way, and, with firmer interior markets, receivers made a strong effort to raise prices. Exporters resisted an advance, and during August the market fluctuated be

tween 9 @93c., but the month closed with a firm tone under moderate receipts, and some movement from primary points to the West. September brought a marked increase in demand from home trade, under which prices were advanced quite rapidly, finest full cream reaching 113c. by the middle of October. The upward tendency resulted from unusually moderate receipts, and was supported entirely by home trade demand, many local jobbers taking stock for later requirements. Exporters were practically crowded out of the market for full cream cheese, English markets failing to follow the advance and getting most of their supply from Canada. Montreal exported nearly 100,000 boxes in one week early in October, and English operators continued to draw stock from that point for most of their requirements up to the close of the year. Exports from this city averaged only a little over 7,000 boxes per week, from Oct. 1 up to Dec. 31, and these were mostly of the cheaper grades, largely skims and part skims, in range of 2 @ 9ặc. But the home demand continued with some freedom, and the price of fancy full cream held at 11gc. steadily until the middle of December, when it was advanced to 114c. Thus the year closed at the same price at which it opened, with a confident feeling among holders, in view of comparatively light holdings at nearly all of the principal distributing markets, but with a very light volume of business passing at this point.

COMPARATIVE STOCKS OF CHEESE IN STORE ON JANUARY 1ST.

THE BUTTER TRADE.

RECEIPTS AND EXPORTS OF BUTTER, WITH RANGE OF PRICES AT NEW-YORK, DURING THE YEAR 1893.

Butter. The very strong position of the market at the close of 1892 continued during the first three weeks of January of this year. The general conditions of trade were favorable, and the consumption of butter was on so large a scale that with fairly liberal receipts prices made a steady gain, reaching the highest point of the winter on the 21st of the month. At that time fancy fresh creamery was selling in round lots to jobbing trade at 35c., medium to choice grades at 28 @ 33c., a little fresh made State dairy at 25 @ 30c., lines of fall made dairy tubs up to 28c., when fancy, the best of the entire dairies, at 26c., fancy firkin dairies at 24 @ 25c., choice brands of Western imitation creamery at 26 @ 28c., and fancy fresh factory, suitable for jobbing trade, at 24 @ 25c. The held stock came into better favor, lines of fall made State creamery selling at 27 @30c.; several thousand summer made creamery firkins went at 23 @ 25c., and Western June and July creamery had large sales at 22 @ 26c. The weather throughout the producing sections was very cold, and the fresh make was kept low in quantity and of irregular quality, but the advance in prices had been carried so far that other markets began unloading their surplus of summer and fall made goods, and it was not long before our market felt the influence of increased supplies. Values were now so high as to affect materially the consumptive demand, and narrowing outlets and freer offerings combined to turn prices downward. At first sellers were slow to believe that any serious break could occur, but there came over the buying interest a feeling of extreme uncertainty, which soon developed into serious loss of confidence, and was quickly followed by a suspension of important buying. The inability to move stock convinced receivers that it would be futile to attempt to hold the market up, and prices commenced to tumble rapidly. By the close of January a decline of 5c. per pound was recorded in the best grades of fresh table butter, but stocks of held creamery and summer and fall made dairy had been reduced to such an extent that holders were unwilling to con

cede much, and for a while these goods sold much above their relative value as compared with fresh butter. With some jobbers quality was sacrificed for price, and in many of the retail stores throughout this and adjoining cities old goods were used until nearly spring. From the first of February until the middle of the month there was a very steady market, the moderate receipts about equalling the current wants of the trade, but the following two weeks brought increased supplies, and a general unwillingness to accumulate stock led to a further cut in prices, and by March 1st fanciest marks of fresh creamery from any section were easily bought at 27c., with plenty of useful stock offering at 23 @ 25c. The season for new State dairy butter was now opening, but the quantity arriving was not sufficient to be a factor of much importance. The wholesale rates for all fresh butter proved so attractive that an unexpectedly strong demand developed, turning values upward, and giving us an exceedingly good market all through the month of March. There were no exciting or specially buoyant features, but with not quite enough fresh stock coming forward to meet the wants of the trade, sellers pushed prices up gradually to 32c. for fancy creamery-a pretty high figure for April 1. During the shortage of fresh butter the old goods were worked into many channels, desirable lots of summer made Western creamery commanding 25 @ 26c., and the best of the State dairy fall tubs or summer firkins going at 26 @ 27c. Rather a nervous feeling pervaded the trade during the first half of April. Supplies were running light from the West, and the increase in the dairying sections of this State was not sufficient to raise the total receipts much above 20,000 packages a week, but the weather was getting warmer, and a desire to clear up the fresh butter from day to day caused very little resistance to the demands from buyers for lower prices, and a decline, of 4c. was made before the 15th of the month. Then followed one of those sudden but not unusual changes that mark the course of the market in the early spring. The demand developed unexpected force. Neighboring markets called so loudly for fresh goods that local jobbers found it impossible to supply the pressing necessities of their trade. Everything was absorbed as quickly as unloaded, and the competition to secure even moderate supplies was so keen that values were marked up 1 @ 2c. per day, with operators excited as though a butter famine was imminent. Within a week we were up to the extreme rates of mid-winter, best grades of creamery moving quickly at 35c., fancy State dairy halftubs reaching 32c., and old dairy closing out at 24 @ 28c. These extreme figures could be maintained only for a day or two, but the decline came gradually until the month was well closed.

The trade year opened with May 1, and values were then on so high a basis as to make the position seem unsafe. The pressure soon became sufficiently strong to warrant a decline to 29 @ 30c. for fancy creamery, and to 29c. for best lots of State dairy tubs, but the supply did not increase as rapidly as was anticipated, and it was nearly the middle of the month before the first serious break